HUAXI Securities·2025-10-26 09:32Investment Rating - The industry rating is "Recommended" [5] Core Insights - The A-share market has shown increased trading activity, with the average daily trading volume reaching 18,262 billion yuan, a decrease of 6.4% week-on-week but an increase of 93.0% compared to the average daily trading volume in 2024 [1][18] - The number of active users on brokerage apps reached a record high in September 2025, indicating a recovery in the A-share market and a significant increase in new account openings [3][13] - Insurance companies are undergoing a "streamlining" process, with 2,565 branch offices exiting the market in 2025, a 60% increase compared to the previous year, reflecting a shift towards digital and efficient operational models [4][14][15] Summary by Sections Market and Sector Performance - The non-bank financial index rose by 2.02%, underperforming the CSI 300 index by 1.23 percentage points, ranking 16th among all primary industries [2][12] - The securities sector increased by 2.05%, while the insurance sector rose by 1.85% [2][12] Brokerage Insights - In September 2025, the number of active users on securities apps reached approximately 175 million, marking a 0.74% increase month-on-month and a 9.73% increase year-on-year [3][13] - Major brokerage apps like Tonghuashun, Dongfang Caifu, and Dazhihui dominate the market, with user numbers exceeding 10 million [3][13] Insurance Sector Developments - A total of 2,565 insurance branch offices exited the market in 2025, with a net exit of 2,293 offices after accounting for 272 new establishments [4][14] - The trend of branch office exits is expected to continue as insurance companies focus on optimizing resource allocation and transitioning to digital operations [15]